The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other eventsUnited States President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom. There are roughly 605 million barrels of sweet and sour petroleum in the reserve. Americans used an average of 20.7 million barrels a day during September, according to the Energy Information Administration. Another 18 barrels will be part of a sale of oil that Congress had previously authorized. White House Press Secretary Jen Psaki said Monday evening that the White House would also keep tabs on the oil companies, too.

Source: The Hindu November 23, 2021 17:21 UTC